How can you earn more on your Santa Rosa investment property?
One way to do that is to charge more rent. Making renovations will maximize your rental income and increase your rental value. If you already rent out a home that’s clean, well-maintained, and attractive to renters, you won’t have to do a complete rehab (phew). But, if you’re willing to invest the time and resources into these simple renovation projects, you’ll find you’re earning more and spending less. Not only can you increase rents, you’ll also face less vacancy and turnover loss. Good tenants will be eager to rent your home.
Landscaping and Curb Appeal
Start where prospective tenants start – outdoors. When you look at your rental property from the street, does it look like a high-quality home that good tenants will be willing to pay top dollar for? If it doesn’t, you need to make some changes.
Make sure the lawn looks good and is easy to maintain. If the outdoor space is nothing but scrub and sand, you need to invest in better aesthetics. The exterior of your property provides future tenants with a powerful first impression. You want your home to look good.
Invest in new exterior paint if it’s faded. Consider repainting the front door a bright color and install better lighting. Giving the outside of your Santa Rosa’s rental property an upgrade will immediately make your home more valuable.
Re-Think Carpets: Hard Surface Floors Mean More Rent
Very few tenants are getting excited about carpet anymore. If you absolutely must keep carpet in your rental home, leave it in the bedrooms. Make sure it’s clean, durable, and replaced every few years.
In the home’s common areas however, such as living rooms and dens, consider ripping up that carpet and installing hard surface floors. Hardwoods are nice, but they’re also expensive. Faux hardwood will work just as well, and even laminate and vinyl floors can provide a nice alternative to carpet.
Hard surface flooring will add to your rental value because tenants prefer it. There are fewer allergens, less risk of spills and damage, and easier maintenance. This can be an excellent way to maximize your rental income.
Faucets and Fixtures: Inexpensive and Effective
If you’re not willing to tear up your floors or re-design your outside space, start with something simple. For example, replacing a basic shower head with a rain shower head will not cost more than $10 or $20 dollars. But, it will be a huge selling point for tenants who are looking for comfort and style in the bathroom.
You can change out the knobs on cupboards and cabinets as well as drawer pulls in the kitchen and bathroom. When older hardware is switched out for something new and shiny, there’s a positive effect on the entire room.
Consider a new mirror over the sink in the bathroom and even new switch plates over the light switches throughout the house. These minor and inexpensive updates will make the entire property look more modern. The little things can often make a big difference.
Other things to consider include fresh paint, updated kitchen appliances that are energy-efficient and match each other, and hi-tech security features such as video doorbells, smart thermometers, and smartphone-enabled light switches and entertainment centers.
These are the things tenants are looking for, and they’re willing to pay for them. If you’d like help making decisions about upgrades or you have questions about our Santa Rosa property management services, please don’t hesitate to get in touch with us at Prestige Real Estate & Property Management. We manage homes in Sonoma County, including Santa Rosa, Windsor, Sebastopol, Petaluma, and Rohnert Park.